HUYA(HUYA) - 2023 Q2 - Quarterly Report

Financial Performance - Total net revenues for Q1 2023 were RMB1,949.2 million (US$283.8 million), a decrease of 21$6.5 million) for Q1 2023, compared to a net loss of RMB3.3 million in Q1 2022[9] - Live streaming revenues were RMB1,859.9 million (US$270.8 million) for Q1 2023, a decline from RMB2,151.7 million in Q1 2022[4] - Total net revenues for the three months ended March 31, 2023, were RMB 1,949,242, a decrease of 7.3$246.5 million) in Q1 2023 from RMB2,131.0 million in Q1 2022[5] - Research and development expenses decreased by 22.3% to RMB152.4 million (US$22.2 million) in Q1 2023 from RMB196.3 million in Q1 2022[6] - Share-based compensation expenses allocated in cost of revenues for the three months ended March 31, 2023, were RMB 8,264 (US$ 1,203), down from RMB 6,122 in the previous quarter[30] Profitability Metrics - Gross profit for Q1 2023 was RMB256.5 million (US$37.3 million), with a gross margin of 13.2$ 38,549), showing a significant recovery from a loss of RMB 278,060 in the prior quarter[30] - Non-GAAP net income attributable to HUYA Inc. was RMB 85,521 (US$12,451) for the three months ended March 31, 2023, compared to a loss of RMB 439,958 in the prior quarter[30] - Basic and diluted non-GAAP net income per ADS for the three months ended March 31, 2023, was US$ 0.05, recovering from a loss of US$1.81 in the previous quarter[30] Operational Efficiency - Operating loss for Q1 2023 was RMB50.7 million (US$7.4 million), an improvement from RMB60.2 million in Q1 2022[8] - Operating loss for the three months ended March 31, 2023, was RMB 50,709, a significant improvement from an operating loss of RMB 576,696 in the previous quarter[24] - The operating loss for the three months ended March 31, 2023, was RMB 50,709 (US$7,384), a decrease from an operating loss of RMB 576,696 in the previous quarter[30] - The company continues to focus on improving operational efficiency and enhancing user engagement to drive future growth[30] Cash and Assets - As of March 31, 2023, the Company had cash and cash equivalents totaling RMB10,347.6 million (US$1,506.7 million), down from RMB10,749.2 million as of December 31, 2022[10] - Cash and cash equivalents increased to RMB 1,941,195 as of March 31, 2023, from RMB 655,241 as of December 31, 2022[20] - Total current assets as of March 31, 2023, were RMB 10,505,085, slightly up from RMB 10,453,531 as of December 31, 2022[20] - Total assets decreased to RMB 12,772,849 as of March 31, 2023, from RMB 13,147,007 as of December 31, 2022[21] - Shareholders' equity as of March 31, 2023, was RMB 10,836,636, a slight decrease from RMB 10,843,372 as of December 31, 2022[22] Impairment and Adjustments - The company reported an impairment loss of investments of RMB 55,201 in the previous quarter, which did not recur in the current quarter[30] - Weighted average number of ADS used in calculating non-GAAP net income per ADS for the three months ended March 31, 2023, was 242,786,352[30]